Identity Theft: How to Protect Yourself & Your Assets

Did you know that around 1 in 3 people have experienced some form of identity theft? One of the fastest-growing financial crimes in the United States, identity theft can affect anyone, but is most prevalent in groups who are active online.

Fortunately, if you are worried about becoming a victim of identity theft, there are steps you can take to help protect yourself and your assets. Find out more below.

Protect your devices with passwords

You are far from alone if you don’t use a password to protect your mobile phone or other electronic devices. Although it only takes a matter of seconds to set up a password, many people don’t take the time to do this.

When choosing a password for your electronic devices, make sure you choose something that is not easy to guess and avoid using any personal information such as your date of birth or your child’s name. If you struggle to come up with and remember passwords, you may want to use a Password Manager app.

Be vigilant of phishing attempts

Phishing is the act of sending out emails or other messages with the purpose of getting individuals to reveal personal information like credit card numbers and passwords. In most cases, these ask you to click on a link or open an attachment that looks legitimate but which is fraudulent.

Phishing attempts have become progressively sophisticated in recent years, making identifying them even harder.

Check your credit reports

It is important to be vigilant when it comes to your personal information as this can help you to identify any suspicious behavior before you become a victim of identity theft. As a general rule, you should habitually check your credit score at least once a month. You can get a free credit report from each of the three major credit bureaus and a copy of your credit report and credit scores via Experian.

It can also be useful to check your main bank account regularly as it can be all too easy for opportunists to set up direct debits of small amounts, which you may not even notice. Alternatively, high security checks for personal use are highly effective at helping you to safeguard your money.

Be cautious with public wi-fi.

Public wi-fi can be a real lifesaver if you are low or out of mobile data. However, you need to be cautious when using this, as not all networks are safe for you to use. Ensure you always verify the encryption before using a public wi-fi network, and if you have any concerns, do not use it.

Other steps that you can take to protect yourself when you are using public wi-fi include:

• Avoid sharing any personal information.
• Use a VPN (virtual private network).
• Make sure your device’s operating systems are up to date.

Don’t overshare on social media

Although everyone seems to be doing it, sharing too much about yourself and your life on social media is not a good idea, as this can help fraudsters access your accounts and devices.

Some of the information that you should not share on social media includes:

• Answers to the most frequently asked security questions include your mother’s maiden name and first pet’s name.
• Your home address.
• Any images of sensitive documents such as your passport or driving license.
• Your user names and passwords.